The Tech explosion has transformed the city of Bangalore. Once a gentleman’s retirement abode, the city is now thriving with promising young working professionals looking to realise their dreams. The real estate sector is booming in the city owing to the infrastructural progress the city has witnessed in the past 20 decades.
Many migrants come to the city in search of better career and education opportunities. This has led to an increase in the demand for residential real estate. It is natural for prospective homebuyers to wonder if investing in a home is a good idea. Let’s discuss in detail the factors that are making real estate investment in Bangalore very profitable now.
1. Covid Had a Positive Role
The impact of Covid has been stagnating on the economy. Real estate was one of the few sectors that have seared throught the post-pandemic lull while making a progress albeit slow. However, after an all-time slow growth rate, the market has picked up now better than ever. Homebuyers are crowding the market and the demand-supply gap has led to an increase in the price of the properties - a whopping increase of four percent only from first quarter to the second. Homebuyers are gaining theft profits out of rental yield and investment in property. This trend is likely to continue for some time which h=can help the current investors huge profitability still.
2. The Oomph & Glory
It comes without saying that Bangalore is amongst the top cities in India. The infrastructure is developing at a remarkable rate. The breathtaking skyline of the city is a major plus but the convenience that citizens enjoy is unparalleled. Commmutaton is much easier than before. Transport be it the road network or the metro, there has been a massive improvement. Connectivity via airport and railway is remarkable. Busses are available throughout the day to the airport. Medical facilities to educational institutions, all attract people to the residents in the city for a higher standard of living.
3. Safety Net of the Laws
Across the country new laws have been exercised to safeguard homebuyers from the fraudeal schemes. Real Esate Regulations and Development Act of 2016 has been the most prominent of these. Since RERA took effect five years ago, the market has changed for better. The stamp duties have substantially been decreased by 2-3 per cent depending on the kind of property and the is only 1% registratio charges whic is a much affordable deal for the homebuyers. It is easier for the developer and builder too with better tax saving schemes to promote the growth of the sector. Many other laws have been protecting the interest of buyers under the Pradhan Mnatri Awas Yojna. In Karnataka, the government has taken measuresto provide support in getting house loans, income tax relief, etc under the policy.
4. The Most Livable City
Bangalore is not an inexpensive city to live in but it is still amongst the most affordable cities in Asia according to the survey. However, it is noteworthy that the infrastructure of the city provides good quality of life to the citizens. The ost of living in the city begins at thirty thousand and can go further depending on the expenses and choices made by the individual. However, the quick access to the latest facilities and social amenities has made the city worth living in. Another factor to be noted is that the city is the tech hub and many renowned startups have been established here which provide the city the first glimpse of helpful technology. The cities in India that can compete with Banagalore in this regard, are more expensive to live in.
5. Premium Options
The real estate market of Bangalore provides many options to homebuyers. There are plotted, apartment-style and villa developments. The homebuyers can choose from the wide variety a property that suits their requirement and budget. Many top developers have established themselves in the city that people can invest in. The recent venture Prestige Jindal city of the establishes Prestige group by the Tumkur Road is a much coveted project amongst the home buyers. Spread in a vast area of 35 acres this project by the esteemed builder is embedded with countless facilities for the convenience of the residents. It includes apple green space while being in a city near tech parks. It poses as a good example to say that city provides the people with the most favoruable living options.
Overall the city of bangalore is a favoruable option for home seekers because and the endless career opportunities play a vital role in making the city well equipped and up to date for the ease of the citizens. With the improving atmosphere in the realm of residential real esate which is a positive sig for property inevstors.